Eugene’s Stonecrest subdivision that was stalled by the housing bust is mired with legal troubles.
Eugene’s Stonecrest subdivision that was stalled by the housing bust is mired with legal troubles.
On the eastern two-thirds of the site, where the original developer left streets unfinished, years of winter rains have scoured deep cuts in the rough gravel roadbeds. The side of a 120-foot stretch of one gravel roadway sloughed downhill in a rain-induced landslide last winter.
The project — which epitomizes the Lane County real estate market’s boom, bust and attempted recovery cycle — has left a number of people very unhappy.
The current owner of the subdivision — a development group called Stonecrest Properties LLC — recently sued the city of Eugene and the Eugene Water & Electric Board, saying the public agencies failed to ensure that the original developer, Bend-based Mark Vukanovich, completed the streets, sewer lines and other utilities. Stonecrest Properties — the members of which include prominent Eugene real estate investors Alan Evans and Andy Storment and Eugene’s Korth family — wants the city to cough up $2.6 million to complete the public infrastructure on the subdivision’s unfinished eastern two-thirds.
Read more at The Register-Guard.
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